Question
Please hurry I need them fast without steps only final answer Q1 On November 1, 2020, SEEF Trading entered into an agreement by signed a
Please hurry I need them fast without steps only final answer
Q1 On November 1, 2020, SEEF Trading entered into an agreement by signed a 90-day, 6% note payable with a face value of BD 60,000. How much interest expense is accrued at December 31, 2020 on this note? (Use 360 days a year) O A BD 3,600. O B. BD 0. O C. BD 600. O D. BD 30.
Q2 On Jan. 1, 2021, Manama Company purchased an equipment at a price of $100,000 and paid tax of 10% of this price. Manama Company paid $2,500 for power connections and $6,000 to assemble the equipment. During installing the equipment, a small damage occurred and repaired for a cost of $500. The equipment's cost is: O A. $ 119.000 O B. $ 109,000 O C. $ 100,000 O D. $ 118.500
Q3 Which of the following characteristics is NOT related to the partnership form of organization: O A. Voluntary association. O B. Double income taxation. O C. Mutual Agency. O D. Unlimited liability.
Q4 The intangible asset of Goodwill: O A. Is amortized over a period of 20 years using the Straight-Line method. O B. May be amortized using either the straight-line or units-of-production method. O c. Is amortized over a period of 20 years using the units-of-production method. O D. Is not amortized, but is tested annually for impairment.
Q5 All the following statements about liabilities are true EXCEPT: O A. They are probable future payments of assets or services. O B. To be reported, they must be present obligations that results from a past transactions or events. O C. They are classified as short or long term liabilities. O D. Future salaries and wages to be paid for staff should be reported as liabilities
Q6 On November 1, 2020, Hamad Town Trading signed a 120-day, 8% note payable with a face value of $180,000. The adjusting entry for the accrued interest at December 31 on the note would be? (Use 360 days a year.) O A. Debit: Interest Expense, $2,400; Credit Interest Payable, $2.400. O B. No adjusting entry is required. O C. Debit: Interest Expense, $1,200; Credit: Interest Payable, $1,200. O D. Debit Interest Payable, $1,200; Credit: Interest Expense, $1,200.
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